Service TAT - Health |
| In accordance with the Insurance e-Commerce Guidelines issued by IRDAI on 9th March 2017, Company shall follow the following service TAT for the online sale of insurance products through its ISNP www.aapkabima.com |
| Service parameters |
Maximum TAT* (Working Days) |
The turnaround time to be calculated from |
| Written communication of decisions on the proposal / raising additional requirements on the proposal |
15 days |
Date of receipt of the proposal or the date of receipt of any requirement called for, whichever is later |
| Issuance of the Policy document / Certificate of Insurance / Proposal form |
10 days |
Date of acceptance of the proposal |
| Requests for refund including free look cancellation, surrender, and withdrawal; refund of proposal deposit; refund of outstanding proposal deposit, if any |
11 days |
Date of receipt of request/last necessary document, whichever is later |
| Issuance of endorsement |
10 days |
The turnaround time from the date of receipt of complete documents |
| Resolution of Grievance |
14 days |
Endeavor to provide a resolution on the Grievance within 20 Days of receipt of Grievance |
| Compliance of KYC norms |
NA |
The documents required for KYC in health insurance include valid identity proof, such as an Aadhar Card, Voter ID Card, PAN Card, or Passport, and valid address proof, like utility bills, rent agreement, or bank statements. |
|
Service TAT - Motor, Two Wheeler & Travel |
| Policyholder servicing turnaround times are as follows: |
| Service parameters |
Maximum TAT* (Working Days) |
Turnaround time to be calculated from |
| Written communication of decisions on the proposal / raising additional requirements on the proposal |
15 days |
Date of receipt of the proposal or the date of receipt of any requirement called for, whichever is later |
| Requests for refund towards free look cancellation, surrender, and withdrawal; refund of proposal deposit; refund of outstanding proposal deposit, if any |
15 days |
Date of receipt of request/last necessary document, whichever is later |
| Resolution of Grievance |
14 days |
Endeavor to provide a resolution on the Grievance within 14 Date of receipt of Grievance |
| Issuance of the Policy document / Certificate of Insurance / Proposal form |
10 days |
Date of acceptance of the proposal |
| Issuance of endorsement |
10 days |
The turnaround time from the date of receipt of complete documents |
| Compliance of KYC norms |
NA |
"The Insurance Regulatory and Development Authority of India (IRDAI) has made KYC norms mandatory for the purchase of all new insurance policies, irrespective of their premiums, starting January 1, 2023.
This rule will apply to all types of insurance — General, Life, and Health Insurance." |
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| *The TATs are defined for raising the customer requirements / grievances and coordinating with the respective insurers for resolving the service issues that are dependent on the insurers for resolution. AapkaBima will not be in breach of the TATs if the matter is pending resolution from the insurer. |
